Wednesday, November 20, 2019

SPY, DIA, QQQ Long-tailed Hammers and Bull Flags...


© 2019

Wednesday Recap:

  • TGT +15.58, +14.06% and LOW +4.43, +3.91% on positive EPS reactions.
  • FOMC minutes at 2 pm ET was a non-event in the SPX which bottomed earlier following trade news.
  • Hong Kong bill passes the House after the close and futures start the evening session lower.

SPY, DIA, QQQ pull back after news that trade deal may not be signed this year, form long-tailed hammers and bull flag setups for Thursday.

DJIA closed down 112 points at 27,821 led by weakness in HD, AAPL, MMM, GS and UTX.  Closing below 28,000 for the second straight day.

Four of eleven sectors were higher on Wednesday, led by XLE, XLU, XLP and XLREEnergy and defensive sectors gained on today’s broad market pullback.

SPY down 1.16 at 310.77 on 79.5 million shares, above average volume.  Down on higher volume.
VIX down .08 at 12.78
Oil up 1.84 at 57.09
TLT up 1.44 at 140.60 on 7.9 million shares
GLD up .07 at 138.76

BA, JNJ, CVX led the DJIA, 9 advancers, -6
TGT, GCI, SLB led the SPX, 176 advancers
WDAY, MELI, WDC, NVDA led the NDX, 23 advancers

Long term up trend intact.  3-day short term trend is down a little.

Up:
DownSPY, IWM, DIA, QQQ, 

Breadth weakened on Wednesday as decliners led 1,655 to 1,277 on the NYSE and led 1,937 to 1,210 on the NASDAQ

The SPX MFC green line is above 80, turned down at 97 and is counter-trend defensive

Uptrend sectors XLK, XLV, XLC, XLP, XLF, XLI, XLB,
Neutral sectors:  XLY, XLE, XLU, XLRE,
Down trend sectors:

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown a little

23 of 100 NDX stocks closed higher on Wednesday.

66 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, CTXS, ALGN, CELG, CHTR, NVDA, COST, SWKS, TSLA, INTC, ISRG, ORLY, AMGN, REGN, FAST, GOOGL, NTES, PCAR, SIRI, AMD, INCY, VRTX, ISRG, NTAP, QCOM, UAL, WBA, FOXA, BIIB, KHC, ALXN, FB, MAR, AMAT, AVGO, BMRN, LRCX, MSFT, NFLX, CHKP, NXPI, HSIC, ADBE, ADSK, CTSH, BIDU, CDNS, EA, FISV, LULU, ADP, MNST, SNPS, WLTW, INTU, PAYX, VRSN, WDAY, MELI, PYPL, TTWO, CERN, ILMN, GILD,


NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
   

Moving Below 30 DMA = 7
AAL, ADI, JBHT, JD, MU, ROST, WYNN,  


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